Tax Audit | Advanced Auditing Assignment Help
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The tax auditor is to be conducted by an ‘Accountant’ as defined in the explanation to section 288(2) of the income Tax Act, 1961. According to the section, the term ‘Accountant’ means a Charted Accountant within the meaning of the Charted Accountants Act, 1949,
and any other person who is entitled to be appointed as an auditor of the company under Section 256 of the Companies Act, 1956. As per Section 145 of the Income Tax Act, 1961 incomes chargeable under “Profit and Gains of Business of Profession”
or “Income from Other Sources” has to be computed in accordance with other cash or mercantile system of accounting as regularly employed by the assesses, if the said system of accounting is not followed, the Assessing Officer has the powers to reject the books of accounts and complete assessment on his judgment. For this purpose, the Central Government has the power to issue accounting standards to be followed. Accordingly, the Central Government has notified two Accounting Standards called AS (IT).
We cover following topics in tax audit assignment help:
1. AUDIT OF PUBLIC TRUSTS
2. AUDIT UNDER SECTION 44AB OF THE INCOME TAX ACT, 1961
3. TAX AUDITOR
4. ACCOUNTING STANDARDS AND THE INCOME TAX ACT
5. AUDIT REPORT
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